CreditMantri Finserve Private Limited
Door No.3, Block B, No. 147, Workeasy Space Solutions, RK Swamy Centre, Hansa Building, Pathari Road,Thousand Lights, Chennai, Tamil Nadu600006
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Is your Credit Score >750?
About Unsecured Business Loans
Sole proprietor, partnership or LLP firm, a private limited or public limited company Manufacturers, distributors, wholesalers, retailers, traders, commission agents, service providers, consultants, freelancers, professionals anyone can avail of unsecured business loans.
Proof of Identity
Aadhar card, Driving licence, Passport, Voter ID
Proof of Address
Aadhar card, Utility bills, Passport
Proof of Business
Certificate of registration or constitution
Latest utility bills
Any statutory registration like GST, MSME, PF, and ESI
Proof of Income
Latest audited financial statements
Latest income tax returns
Last 6 months’ bank statements
Online on the lender’s website
The interest rates for unsecured business loans vary from 9.5% to 36% depending upon the amount of loan and the credit score of the borrower.
0.5% to 3.5% of the loan amount
1.5% to 3.5% of the outstanding amount
Cheque bounce charges
Rs 1,000 to Rs 1,500
You can get an unsecured business loan from Rs 50,000 to Rs 40 lakhs depending on your credit score, business profile, and repayment history.
Secured Business Loan
Unsecured Business Loan
Loan is provided based on an underlying asset or security like a house, gold, investments etc
No collaterals are required for unsecured business loans.
Higher interest rates than secured loans due to underlying risk
Extended processing time
Quick approval since time need not be spent reviewing asset related documents.
Loan amount is provided as a percentage on the market value of the asset pledged.
Unsecured business loans are provided based on the credit history of the borrower.
The lender has recourse to the asset pledged in case of default.
In case of default, the lender is seriously affected and has an adverse impact on the credit score of the borrower.
The repayment tenure ranges from 5 years to 30 years.
The repayment period is from 1 to 5 years.
Unsecured business loans are attractive financing options for businesses with minimum fixed assets. The amount of unsecured loans is also attractive compared to secured loans. However, in case of default in repayment of unsecured business loans, the credit score of the borrower is severely affected. Hence the equated monthly instalments of unsecured business loans must be repaid regularly within the repayment tenure.
1. What is the repayment tenure for an unsecured business loan?
The repayment tenure can vary between 1 year and 5 years depending on the amount of loan and EMI.
2. My credit score is 600. Can I get an unsecured business loan?
Most lenders prefer a credit score of 650 or above for an unsecured business loan. You can still get a loan but with a higher interest rate.
3. Are startups eligible for unsecured business loans?
Yes. Startups with a viable business plan are eligible for unsecured business loans. The credit profile of the owners or partners or directors is also considered.
4. What is the processing time for unsecured business loans?
It can take from 3 to 5 business days depending on the amount of loan and approval of documents.
5. Where can we get unsecured business loans?
All the major public sector, private sector banks, and non-banking financial corporations are providing unsecured business loans.
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